Development

PMG, Greybrook Receive $226M Construction Loan for High-Rise Apartment Development in Fort Lauderdale

by John Nelson July 18, 2023

FORT LAUDERDALE, FLA. — A partnership between PMG, a development and investment firm with offices in New York City and Miami, and Toronto-based private equity firm Greybrook has received a $226 million construction loan for a high-rise apartment tower in downtown Fort Lauderdale. Related Fund Management and Lubert-Adler provided the financing to the developers. Located at 140 S.W. 2nd St., the 42-story building represents Phase II of Society Las Olas, the first phase of which opened in May 2020 and sold in 2021. Phase I’s retail component, which spans 17,000 square feet, was sold separately to PMG and Greybrook in early 2022 for $17 million. Phase II of Society Las Olas will add 563 new luxury apartments to the local supply, as well as 1,652 square feet of ground-floor retail space. Units will comprise apartments with traditional rental arrangements as well as co-living/rent-by-bedroom options. Amenities will include a coworking lab with private meeting rooms, pool deck, yoga lawn and a modern fitness center. Residents will have access to a proprietary mobile app that will enable keyless entry and allow residents to manage guest lists, adjust smart thermostats, send notifications about packages, manage payments, request maintenance and register for community events. …

July 18, 2023

Civic Development Midwest Minnesota

Contegrity Group Breaks Ground on Net-Zero Library in Howard Lake, Minnesota

by Kristin Harlow July 17, 2023

HOWARD LAKE, MINN. — Contegrity Group Inc. has broken ground on the Howard Lake Library in central Minnesota. Designed by BKV Group, the 7,000-square-foot project marks the first net-zero library in Minnesota and the Upper Midwest, according to the architect. Completion is slated for the end of 2024. The new facility will replace the current two-story building located a few blocks away where the library has operated since 1979. As a net-zero energy building, the library will generate energy onsite using clean renewable resources in a quantity equal to or greater than the total amount of energy consumed. The many sustainable net-zero features include highly insulated foundations, walls and roofs; building and window placement for passive solar gain; and rooftop-mounted photovoltaics as the source of the property’s renewable energy. The project’s design and construction also comply with Minnesota’s statewide B3 Sustainable Building Guidelines, which establish sustainability goals for site, water, energy, indoor environmental quality, materials and construction. Minneapolis-based Precipitate provided net-zero consulting services. The new Howard Lake Library will include dedicated book collection areas for adults, teens and children, reservable study rooms, a community room available for library use and public rental, and a story time room for children’s programming. …

July 17, 2023

Extra-Space-Storage-Huntington-Station-New-York

Development Industrial New York Northeast Self-Storage

Realty Capital, DXD Underway on 664-Unit Self-Storage Facility on Long Island

by Taylor Williams July 17, 2023

HUNTINGTON STATION, N.Y. — A partnership between Dallas-based investment firm Realty Capital Partners and self-storage developer DXD Capital is underway on construction of a 664-unit facility in the Long Island community of Huntington Station. The facility will total 62,125 net rentable square feet of space that will be entirely climate-controlled. Construction began in June and is expected to be complete in August 2024. Extra Space Storage will operate the facility, which will be the first new self-storage project to be built in Huntington Station in nearly three years, according to the development team.

July 17, 2023

Development Healthcare New York Northeast Top Stories

Extell Development Underway on 435,000 SF Medical Office Project on Manhattan’s Upper East Side

by Taylor Williams July 17, 2023

NEW YORK CITY — Locally based firm Extell Development Co. is underway on construction of a 435,000-square-foot medical office project at 1520 First Ave. on Manhattan’s Upper East Side. Designed by Perkins Eastman Architects, the 30-story building will occupy a full city block between East 79th and East 80th streets and house ambulatory care and surgical facilities. Foundation completion and vertical construction are scheduled to occur during the third quarter of this year, and full completion is slated for the second quarter of 2025. According to the development team, the facility will be the first privately built medical office tower to be developed on the Upper East Side. Additional building features will include multiple outdoor terraces and mechanical systems to enhance comfort and energy efficiency, as well as ground-floor retail space. The Hospital for Special Surgery (HSS) has preleased eight floors totaling 195,580 square feet to serve as the facility’s anchor tenant. Newmark has been tapped to lease the remainder of the space. HSS will house orthopedic and rheumatology physician’s offices, as well as ancillary services for treatment of musculoskeletal conditions. The space will complement the expansion of HSS’ main campus, which will house the newly announced Lauder Family Spine …

July 17, 2023

Development Georgia Multifamily Southeast

Selig, GID to Open 306-Unit Westbound at The Works Apartment Community in Atlanta

by John Nelson July 14, 2023

ATLANTA — Selig Enterprises and joint venture partner GID will open Westbound at The Works, a 306-unit apartment community located within The Works mixed-use development, this October. Located in Atlanta’s Upper Westside neighborhood, the five-story property features residences ranging in size from 731 to 1,353 square feet in one- and two-bedroom layouts, with a 547-space parking garage. Amenities include an open-air TV lounge, fitness center, club room, sports bar, coworking center, communal kitchens and a pool courtyard. RJTR is the project architect, and Brasfield & Gorrie is the general contractor. Wells Fargo provided financing for the development. RangeWater will manage and lease the property, with monthly rates beginning at $1,840, according to the community’s website. Developed in phases by Selig, The Works also features retail and entertainment space, including a food hall, as well as 125,000 square feet of adaptive reuse office space.

July 14, 2023

Development Florida Industrial Southeast

Woodmont, Butters, PCCP Break Ground on 303,364 SF Industrial Project in South Florida

by John Nelson July 14, 2023

JUPITER, FLA. — Woodmont Industrial Partners, Butters Construction & Development and PCCP LLC have broken ground on the first building of a 303,364-square-foot industrial project in Palm Beach County. Situated within Palm Beach Park of Commerce in Jupiter, the building, the first of eight, will feature 40-foot clear heights, 60-foot speed bays, 43 dock high doors, two drive-in doors, roughly 196-foot truck courts and 26 trailer parking spaces. Construction of the project is expected to be complete in the second quarter of 2024. The joint venture acquired the property, located at 15430 Corporate Road N, in December 2021.

July 14, 2023

Build-to-Rent Development Georgia Multifamily Single-Family Rental Southeast

Ivey, BCDC to Develop 262-Unit Build-to-Rent Community in Augusta, Georgia

by John Nelson July 14, 2023

AUGUSTA, GA. —Ivey Group and Batson-Cook Development Co. (BCDC) have formed a joint venture partnership for the development of West Park Townhomes, a 262-unit build-to-rent residential community in Augusta. Situated on 29 acres at Wheeler Road, the project is scheduled for delivery beginning in the first quarter of 2024. Amenities at the community will include a clubhouse, swimming pool, fitness room and a pet park. SRP Federal Credit Union will provide construction financing, with Parse Capital as a preferred equity investor. Ivey South Construction will serve as general contractor, and Patterson Real Estate Advisory Group represented the joint venture as the capital placement broker.

July 14, 2023

Development Office Texas

Crest Builders Completes 15,000 SF Interior Office Renovation Project in Houston

by Taylor Williams July 14, 2023

HOUSTON — General contractor Crest Builders has completed a 15,000-square-foot interior office renovation project in Houston for DECISIO Health, which provides platforms and solutions for aggregating data from electronic health records. Houston-based Griffin Partners owns the building at 520 Post Oak Blvd. Ware Malcomb designed the space. Edward Edson of Colliers represented DECISIO Health in the lease negotiations, and Jill Nesloney of Lee & Associates represented Griffin Partners.

July 14, 2023

Connecticut Development Loans Multifamily Northeast

Dwight Capital Provides $34M HUD-Insured Construction Loan for Connecticut Multifamily Project

by Taylor Williams July 14, 2023

MYSTIC, CONN. — New York City-based Dwight Capital has provided a $34 million HUD-insured construction loan for the second phase of Harbor Heights, a 123-unit multifamily project in Mystic, located in southern coastal Connecticut. Harbor Heights II will feature one four-story building with one-, two- and three-bedroom units on a 5.8-acre site. Amenities will include a pool, fitness center, business center, dog park and outdoor grilling and dining stations. Daniel Malka and Jacob Gauptman of Dwight Capital originated the debt, which was structured with a 40-year term and a fixed interest rate, through HUD’s 221(d)(4) program. The borrower was not disclosed.

July 14, 2023

Development Multifamily Northeast Pennsylvania Seniors Housing

Marquis Launches $25M Renovation Project at Philadelphia Seniors Housing Community

by Taylor Williams July 14, 2023

PHILADELPHIA — Marquis Health Consulting Services has launched the first phase of a $25 million renovation at Fountain View at Logan Square, a 420,000-square-foot seniors housing community in Philadelphia’s Center City district. The three-year repositioning follows an ownership change and rebranding at Fountain View, formerly known as The Watermark. Designed by ML Group, the project will upgrade the lobby, hallways, apartments and dining room, as well as reconfigure amenity spaces. New features will include an auditorium with space for live entertainment, a makers’ room, theater, piano bar and a sky lounge. Lastly, the development team will add a juice bar and fitness center with a sauna and is exploring possible additions of a pool, outdoor deck and pickleball courts.

July 14, 2023

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